McKay buys Bracknell logistics property – McKay Securities has bought 1-4 Willoughby Road, a fully let logistics asset in Bracknell, for £10.0m, representing a net initial yield of 5.6%. The property was sourced off-market from a UK institutional vendor.
The 2.7 acre freehold estate consists of two modern, self-contained units totalling 54,157 sq ft with large secure yards. Following recent refurbishment, one unit is let to Acal BFI UK Limited and the other to Accident Exchange. The combined contracted rent of £594,722 per annum provides scope for future growth based on recent lettings in the town and the leases offer potential vacant possession for redevelopment in 2024.
Willoughby Road is a strategic logistics location in the heart of the Thames Valley and forms part of Bracknell’s principal established industrial estate. There has been significant new logistics and self-storage development in the immediate vicinity, attracting new occupiers such as Midwich Ltd, Bond International and Big Yellow Group. These join a host of leading international businesses such as Waitrose (HQ and regional distribution centre), Daler Rowney and Fujitsu benefiting from strong connections to the national motorway network and Heathrow Airport, which is 20 miles north east of the property.
McKay is headquartered in Reading, down the road. It has deep knowledge of the office and industrial markets along the M4 corridor.
MCKS : McKay buys Bracknell logistics property